Thailand’s technology and fintech sectors are actively pursuing new business opportunities in Saudi Arabia, aiming to leverage the Saudi Vision 2030 initiative and the forthcoming Olympic Esports Games, set to take place next year.
Recently, a significant memorandum of understanding (MoU) was signed between Vision Ambassadors Company and several leading Thai enterprises, including Infofed Co Ltd, Rabbit Moon Corporation Ltd, VUCA Digital Co Ltd, and Translucia Co Ltd.
This MoU marks a pivotal advancement in enhancing expertise in e-sports, entertainment, and digital asset development across Saudi Arabia.
Infofed, a frontrunner in the Thai e-sports landscape, alongside VUCA Digital, known for its cutting-edge digital innovations, are leading this charge.
Rabbit Moon Corp specializes in music and entertainment, while Translucia is focused on creating immersive virtual experiences and platforms.
“Our collaboration aims to harness the distinct strengths of each company, thus allowing us to explore diverse business avenues and facilitate market expansions across the Gulf Cooperation Council,” stated the founder of Vision Ambassadors.
The combined expertise of Infofed in gaming, Rabbit Moon in entertainment, VUCA Digital’s advances in Web3 technologies, and Translucia’s metaverse capabilities create a solid foundation for this collaborative effort.
Infofed plans to establish e-sports arenas and comprehensive training camps, while Rabbit Moon is set to produce international concerts tailored for the Saudi audience and support local talent management for Saudi artists.
VUCA Digital is set to enhance the e-sports ecosystem with innovative Web3 solutions, including Crown Tokens and a non-fungible token platform, while Translucia will offer a metaverse experience, organizing virtual events and providing consulting services for immersive endeavors in the region.
In alignment with Saudi Vision 2030, the country is prioritizing social development, particularly through sports and entertainment, including e-sports.
Saudi Arabia is striving to establish itself as a global e-sports hub, with plans underway to host the 2024 Esports World Cup.
Jirayod Theppipit, chief executive of Infofed, highlighted that this is their inaugural expansion into the Middle East, emphasizing that while Thailand has ample expertise in e-sports, the domestic and Southeast Asian markets are limited, making the Middle East an attractive new frontier.
Additionally, Bitkub Capital Group Holdings Ltd, a prominent player in Thailand’s blockchain and digital asset arena, has also entered into an MoU with Vision Ambassadors. This partnership aims to explore joint ventures targeted at developing and investing in Web3 gaming and e-sports industries.
They also plan to identify sustainable and eco-friendly development opportunities rooted in blockchain technology.
The founder and chief executive of Bitkub Capital noted that their strategy is to look beyond Thailand for growth, especially in regions like Saudi Arabia, the Middle East, North Africa, and Southeast Asia, to broaden their business horizons.
With the Olympic Esports Games on the horizon, Saudi Arabia is investing in numerous international gaming companies to position itself as a premier destination for video gaming and e-sports.
These initiatives reflect a broader strategy to diversify the economy beyond oil, under the framework of Saudi Vision 2030, which focuses on economic diversification, cultural reforms, and establishing Saudi Arabia as a global hub for international events and tourism.
“This collaboration offers a crucial opportunity for Bitkub Group to tap into a burgeoning market supported by substantial governmental investment,” noted the founder of Bitkub Capital.
In a related development, Thailand’s Board of Investment has inaugurated a new office in Riyadh on July 14, marking its 17th overseas office and its first in the Middle East. This office will serve 13 countries in the region.
The BoI secretary-general emphasized the potential synergy between Thailand and Saudi Arabia as pivotal business hubs.
“Our aim is to encourage investors from Saudi Arabia and the Middle East to consider Thailand as a strategic base for expanding business across Asean, utilizing its role in the world’s largest free trade area,” he stated.
Thai enterprises are encouraged to forge partnerships in Saudi Arabia, essential for accessing the vast Middle Eastern market of 400 million people.
There exists substantial potential for investment and collaboration in several key sectors, including agriculture, renewable energy, healthcare, and electric vehicles.
Bilateral trade between Thailand and Saudi Arabia reached US$8.8 billion in 2023, constituting nearly 22% of Thailand’s overall trade with the Middle East.
